Goryn BMP
OJSC "Goryn Building Materials Plant"
UNP: 291161560 · 96 Kommunisticheskaya St., Rechitsa workers' settlement, Stolin District, Brest Region
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 9 933 | 10 306 |
| Intangible assets | 6 | 17 |
| Income-bearing investments in tangible assets | 0 | 0 |
| Investments in long-term assets | 620 | 547 |
| Long-term financial investments | 4 | 4 |
| Long-term receivables | 0 | 0 |
| Total Section I (long-term assets) | 10 563 | 10 874 |
| Inventories | 3 940 | 4 391 |
| — materials | 1 254 | 1 338 |
| — work in progress | 294 | 245 |
| — finished goods and merchandise | 2 392 | 2 808 |
| — goods shipped | 0 | 0 |
| Deferred expenses | 30 | 44 |
| VAT on acquired goods, works, services | 0 | 1 |
| Short-term receivables | 1 130 | 1 380 |
| Short-term financial investments | 0 | 0 |
| Cash and cash equivalents | 67 | 113 |
| Other short-term assets | 53 | 53 |
| Total Section II (short-term assets) | 5 220 | 5 982 |
| BALANCE (assets) | 15 783 | 16 856 |
| Charter capital | 9 145 | 9 145 |
| Reserve capital | 0 | 0 |
| Additional capital | 10 496 | 9 969 |
| Retained earnings (uncovered loss) | -9 549 | -8 758 |
| Total Section III (equity) | 10 092 | 10 356 |
| Long-term loans and borrowings | 300 | 820 |
| Long-term lease liabilities | 0 | 0 |
| Deferred income | 0 | 0 |
| Other long-term liabilities | 3 | 3 |
| Total Section IV (long-term liabilities) | 303 | 823 |
| Short-term loans and borrowings | 580 | 600 |
| Current portion of long-term liabilities | 240 | 780 |
| Short-term payables | 4 524 | 4 286 |
| — to suppliers, contractors, providers | 2 986 | 3 006 |
| — on payroll | 144 | 116 |
| — on lease payments | 0 | 0 |
| Deferred income | 44 | 11 |
| Total Section V (short-term liabilities) | 5 388 | 5 677 |
| BALANCE (equity and liabilities) | 15 783 | 16 856 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Real equity changed sign: share capital of 9,145 minus the accumulated uncovered loss of 9,549 = −404k BYN, against +387 a year earlier. The positive Section III total of 10,092 rests solely on revaluation surplus of 10,496 — revaluation now exceeds total equity (104%).F1.410 · F1.460 · F1.490 · F1.450
- Long-term assets of 10,563k BYN are not backed by own funds: real equity of −404 plus long-term liabilities of 303 do not cover them; even counting the revaluation surplus, coverage is 0.98 — below one.F1.190 · F1.410 · F1.460 · F1.590 · F1.490
- The loss on sales deepened by 70% (−1,255 → −2,137k BYN), sales profitability to revenue moved −16.45% → −22.09%. With revenue up 26.8%, cost of sales rose 30.6%, administrative expenses 26.4% and selling expenses 70.8% — turnover growth produced no economies of scale. The loss from current activities nearly doubled: −966 → −1,908.F2.060 · F2.010 · F2.020 · F2.040 · F2.050 · F2.090
- Current liquidity fell below one: 0.969 against 1.054 a year earlier — short-term assets of 5,220k BYN do not cover short-term liabilities of 5,388.F1.290 · F1.690
- There is no own working capital: the provision ratio is −0.090 — working capital is financed by short-term liabilities, of which 2,986k BYN is owed to suppliers.F1.490 · F1.190 · F1.290 · F1.631
- Operating cash flow turned negative: −6k BYN against +202 a year earlier. The cash balance is 67 against 113, while 12,765 was spent on current activities over the year.F4.040 · F1.270 · F4.030
- The improvement in the net result rests on financing activities: the net loss is 794 against 955k BYN, while income from financing activities rose from 1 to 1,137. Without it the loss would have been deeper than the year before, and the loss on sales deepened regardless.F2.210 · F2.120 · F2.060
- The cash position is weak: 67k BYN against short-term liabilities of 5,388 — 1.2%. Payables to suppliers of 2,986 barely changed (3,006 a year earlier): the operating cycle rests on deferred payment.F1.270 · F1.690 · F1.631
- Wage arrears grew from 116 to 144k BYN, against 1,873 paid out in wages over the year.F1.635 · F4.032
- Inventories fell by 10% (4,391 → 3,940k BYN) and finished goods by 15% (2,808 → 2,392) against revenue growth of 27%.F1.210 · F1.214 · F2.010
- Receivables fell by 18% (1,380 → 1,130k BYN) against revenue growth of 27% — collection improved, yet cash fell from 113 to 67.F1.250 · F2.010 · F1.270
- Credit load fell by 38%: loans and borrowings 1,420 → 880k BYN (long-term 820 → 300, short-term 600 → 580), with the current portion of long-term debt 780 → 240. Over the year 900 was drawn and 843 repaid.F1.510 · F1.610 · F1.620 · F4.081 · F4.091
- Revenue grew by 26.8% (7,630 → 9,676k BYN) and gross profit by 8.3% (1,309 → 1,418).F2.010 · F2.030
- Debt service remains small: interest paid was 28k BYN against 20 a year earlier — 0.3% of revenue. No dividends were paid.F4.093 · F2.010 · F4.092
Recommendation
OJSC "Gorynsky KSM" is a small (balance sheet BYN 15.8m) manufacturing enterprise of building materials (brick, tiles from fired clay, OKED 23.32), located in a rural area — the settlement of Rechitsa, Stolin district, Brest region. 100% state-owned, 3 shareholders, a working product in demand (2025 revenue +26.81% YoY = real growth ~+20% against Belarusian inflation of 5–7%). At the structural level the enterprise is at a transition point: real equity in 2024 was still positive (+BYN 387k), but in 2025 crossed zero downward (−BYN 404k), and F1.490 is positive only via revaluation F1.450 = 10,496 (104% of equity). The automatic distress flag on long-term-asset coverage is active (real equity < 0).
Recommendation: Restructuring. Not privatization: with negative real equity and a deepening operating loss, buyers will not take the enterprise without a significant discount and recapitalization; revenue growth alone does not make the enterprise sellable. Not liquidation: the operating base is viable (real revenue growth +20%, the product is in demand, the audit is modified but not adverse), the social risk in a small rural settlement (Rechitsa, Stolin district) is significant, and debt-reduction discipline is visible. Not state investment in pure form: for large capital investment the enterprise is too small, and the current cost structure does not yet allow payback. Restructuring should start with cost discipline (administrative expenses +26% and selling expenses +71% against revenue +27% — disproportionate growth), then — analysis of the revaluation reserve (is the value of fixed assets of 9,933 real amid falling demand for outdated brick-production technologies?), and in perspective — a program of phased write-down of the accumulated loss against operational profit (when it appears).
Why restructuring. The 2025 operating picture simultaneously shows deterioration (F2.060 operating loss deepened −1,255 → −2,137, OCF reversed +202 → −6, the current ratio fell below norm 1.05 → 0.97, own working capital ratio a deep production-norm violation −0.09) and positive structural shifts (debt cut 38%: 1,420 → 880, strong nominal revenue growth, payables to suppliers stable, no dividends paid). Net loss formally improved (−955 → −794), but this improvement rests almost entirely on a one-time income F2.122 = 1,136 (vs 0 prior) — without this windfall, net profit would be ~−1,930 (worse than 2024).
Confidence: MEDIUM. Financial data clean: 6/6 sanity checks pass given the H1d sign-restoration interpretation, the arithmetic chains close (F2, F3, F4 all verified). But context factors lower confidence: (1) a source-quality issue — the systematic missing-minus-sign convention requires careful interpretation, raising the risk of misreading in any review; (2) the audit is qualified, the content of the qualification not available in the main source; (3) the F2.122 windfall of 1,136 without explanation in the main source; (4) the typology hierarchy (district vs oblast) is assumed by context, not confirmed by explicit references to a parent organ.